Black Cypress Capital Management LLC

ITEM 5: FEES AND COMPENSATION

Black Cypress receives compensation from its Clients only. Clients are responsible for the respective
brokerage commissions, custodial fees associated with their accounts, and any other expenses. See Item 12
for more information.

Different compensation methods include asset management fees and performance-based fees, or a
combination thereof, negotiated at Black Cypress' discretion.

Fees typically fall under two schedules depending on the account's mandate and qualified status:

    •   AUM fee only
    •   AUM fee and a performance-based fee

The assets under management fee is typically 1.00%, billed in arrears on a quarterly basis. Asset management
fees are based on the average daily market value of assets under management during the period.

Qualified Clients may select an arrangement with an AUM fee combined with a performance-based fee on the
net-of-fee outperformance of a pre-selected, Client-applicable, investment benchmark.

Clients are encouraged to authorize Black Cypress to deduct fees from Client accounts directly at the
custodian. Black Cypress, in its sole discretion, may agree to invoice fees.

Certain accounts may be subject to a different account minimum and/or fee, both of which may be negotiable
depending upon a number of factors, at the sole discretion of Black Cypress. A Client may pay more or less
than others depending on certain factors, including but not limited to, the type and size of the account under
management, the historical or anticipated transaction activity, the range of additional services provided to the
Client and the amount of total Client assets under management. There are no maximum total advisory fees.
The agreed-upon fee will be put in writing prior to investment activity.

Advisory Fees in General: Clients should note that similar advisory services may (or may not) be available from
other registered (or unregistered) investment advisers for similar or lower fees.

ERISA Accounts: Black Cypress is deemed to be a fiduciary to advisory Clients that are employee benefit plans
or individual retirement accounts (IRAs) pursuant to the Employee Retirement Income Security Act ("ERISA"),
and regulations under the Internal Revenue Code of 1986 (the "Code"), respectively. As such, our Firm is
subject to specific duties and obligations under ERISA and the Internal Revenue Code that include restrictions
concerning certain forms of compensation. To avoid engaging in prohibited transactions, Black Cypress does
not receive commissions or 12b-1 fees.

BLACKCYPRESSCAPITAL.COM                           ADV Part 2A                                              5 | 12

ITEM 7: TYPES OF CLIENTS

Black Cypress currently manages accounts for individuals, institutions, high-net-worth individuals,
businesses, family offices, trusts, and charitable organizations.

The minimum asset requirement is $1,000,000, which can be waived at the sole discretion of Black Cypress.

BLACKCYPRESSCAPITAL.COM                            ADV Part 2A                                               6 | 12